Six months after filing for bankruptcy protection in September in the US and one month after doing the same in the UK, Toys R Us, the toy superstore chain, is shutting down all 900 stores across US and UK.
The reason: unable to compete with the online shops.
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According to the court filing, the company had initially hoped to be able to keep 400 stores open but realized it didn’t have $50 to $100 million cash a month to keep that many.
Toys R Us said in the filing that it is seeking a buyer for the Canadian operation. The deal includes a combination of its Canadian arm, with around 200 US stores.
CEO David Brandon said, “This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years. I am very disappointed with the result, but we no longer have the financial support to continue the Company’s US operations.”
The BBC says that Toys R Us efforts to find a UK buyer have failed after talks with as many as 120 interested parties.